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About UAE Free Zones
UAE Free Zone Benefits
Due to the many benefits they offer, free zones are the preferred option for international investors and entrepreneurs. Some of these benefits include:- Tax Benefits: There is no personal income tax in the UAE free zones. Free zone businesses must, however, register for corporate taxes. There are several benefits to corporate taxes in a free zone in the United Arab Emirates, even though your business must meet specific requirements to receive a 100% corporate tax exemption.
- 100% foreign ownership: One of the most obvious advantages of setting up a free zone business in the United Arab Emirates is the ability to have total foreign ownership. Thus, to start a firm, the foreign investor does not need to locate a sponsor who is a national of the UAE.
- Exemption from import and export duties: The UAE's free zone jurisdictions are exempt from import and export duties and also provide several benefits. This facilitates the growth of global trade.
- No currency laws: The government places limitations on the exchange of foreign currencies through currency laws. In UAE free zones, there are no restrictions of any type regarding currency. Financial transactions are now simpler as a result.
- Easy immigration processes: The immigration offices associated with the UAE Free zones are productive, saving time.
- Benefits for repatriation: The companies are qualified for complete benefits for repatriation. Profits and financial assets are also included in this.
- The ease of incorporating a business: The processes for incorporating a business in a UAE free zone are easy to comprehend. In comparison to other jurisdictions, the licensing procedures can be completed in a shorter period of time.
UAE Free Zone Business Setup
- Select your company structure: You can do this from among the several legal forms available to create your business in UAE free zones. Making a legal structure decision early on will assist you in establishing the organization's structure and design. In a UAE free zone, there are various kinds of corporate structures, such as:
- Select a business activity: There are many different activities available in UAE free zones. It's important to conduct a thorough study and select an activity that will work for your firm. Which trade license you need to start your business in a UAE free zone depends on the kind of business activity you choose.
- Select a trade name: Choosing a name for your company early on could be one of the smartest choices you make. To comply with local government laws, it is normally advisable to choose at least three trade names linked to your firm.
- Choose where to start your business: Even if your company might not need an office right now, picking a place for it will help you better grasp the process and its advantages. If it suits your purposes, you can set up shop in a free zone.
- Select the type of office: You can operate your business in the free zone from either a virtual or physical office space, depending on your needs. You can choose from a range of workplace choices offered by UAE free zones.
- Getting the documents ready: The documentation for the procedure may change depending on the kind of activity and the zone you selected. This task may seem the most difficult, but it will become second nature once you get the hang of it.
- Obtain Pre-Approvals: In order to move forward with the application process, you might need to obtain some pre-approvals from the relevant authorities based on the business activities you choose.
- Apply for a license to trade: You can establish your business and have all the rights to operate and transact within the designated jurisdiction if you have a trade license in Dubai. Your choice of business activity also influences the issuance of a trade license.
- Acquire the trade license: As soon as the trade license is granted and issued to you, you can start doing business as usual.
- Create a corporate bank account: In order to handle the financial operations of your firm, you must create a corporate bank account when you set it up. Later on, when you need certain bank statements and references for additional business expansion, this will be useful.
- Application for a visa: You may apply for a personal, family, or employment visa, and the number of visas granted will depend on your office's size and other considerations.
How to Obtain a Trade License in UAE
- Reserve a trade name for your business:To obtain a license to operate, your business must have a trade name. You must file a complaint with the free zone authority of your choice for this. You should review all of the predetermined naming conventions that each free zone authority has established and ensure that you have at least three possibilities available when submitting your application to the relevant authority.
- Applying and submitting the documents:You will need to submit the application with some of the documents that are as follows:Documents needed for an individual shareholder :
- A copy of the manager's and shareholder's passport
- Most recent copy of the visit visa and entry stamp for the UAE
- Copies of the shareholders' and managers' Emirates IDs and residence visas (for UAE citizens)
- Provide address proof of the manager(s) and shareholder(s).
- A passport-sized picture of the manager(s) and shareholder(s)
- The articles of association and the memorandum of association (MOA) (AOA)
- License for business (for an established corporation)
- Board Resolution
- Certificate of Incorporation
Popular Free Zones in Dubai
IFZA Free Zone Authority
Among the UAE's most sought-after free zones is the IFZA Free Zone. This is because, while being relatively recent, the free zone quickly became well-known for being among the most advantageous places for businesses to establish themselves in Dubai. The fact that establishing a firm in IFZA does not need having a real office space is a compelling advantage. The free zone has a very economical setup procedure and is well-located. This makes it one of the most promising areas for expansion and company prospects. A variety of permits are also provided to entrepreneurs by IFZA. These licenses cover trading, commercial, e-commerce, consultancy, and service.
Meydan Free Zone
Situated in the center of Dubai, the Meydan Free Zone (MFZ) is an economic free zone in the United Arab Emirates. MFZ was established in 2009 under Ruler's Decree No. 5 and is located next to Mohammed Bin Rashid Al Maktoum City and the Dubai Logistics Corridor, two of Dubai's most famous addresses. Because of its easy access to important areas like the Dubai International Airport and its near proximity to several important commercial hubs, MFZ is considered one of the most strategic locations for a company setup.
Shams Free Zone
Sharjah Media City Free Zone (Shams) has quickly established itself as the free zone in the UAE with the quickest rate of growth. Its affordable pricing and simple setup method make it a great option for branch businesses looking to grow. Shams provides versatility by letting you select between setting up an LLC firm or a branch. A range of permits, including trade, holding, freelance, industrial, and service licenses, are available in the free zone
RAKEZ Free Zone
The RAKEZ free zone's advantageous location is among its most noteworthy benefits for business establishment. The airport at Ras Al Khaimah (RAK) and a seaport are both close to the jurisdiction. While RAKEZ can accommodate nearly any kind of business, companies engaged in manufacturing find it to be the most suitable. This is because it is one of the few free zones in the United Arab Emirates that provides industrial land for development and customizable warehouses.
Creative City Free Zone
The main industries served by Fujairah Creative City Free Zone include media, consultancy, marketing, events, music, and design. Over time, Fujairah's Creative City has developed into a hub for company setup advisors and entrepreneurs. They benefit from inexpensive Fujairah Creative City license fees in addition to simple company incorporation. What sets Fujairah Creative City Free Zone apart from the rest is that it permits business owners to start up without requiring any real office space!
Sharjah Publishing City (SPC) Free Zone
One of the newest free zones in the United Arab Emirates, SPC FREE ZONE is headquartered in Al Zahia, Sharjah. Although publishing and printing are the Free Zone Authority's primary licensing activities, it also grants licenses for a wide range of other activities, such as general trading, consulting, e-commerce, IT-related businesses, etc. The exquisitely constructed office spaces that are up for lease are this free zone's Unique Selling Point (USP).
Sharjah Research Technology and Innovation Park (SRTIP) Free Zone
2016 saw the creation of the free zone. International investors from all around the world have expressed interest in the SRTIP free zone. This zone features various creative expo systems; the free zone has served as a site for research and development ever since it was founded. To satisfy the needs of the client, strategic placement is just as vital as infrastructure and other aspects. Investors also receive access to top-notch facilities and business licenses.
Dubai Multi Commodities Center (DMCC)
The leading global hub for trading commodities, such as gold, diamonds, and all other precious metals, as well as industrial supplies, food, and tea, is DMCC. It is also the world's free trade zone with the quickest rate of growth. You can create a firm as a branch, subsidiary, or limited liability company under DMCC. Serviced offices, Flexi-desks, and multi-story offices for sale or lease are some of the flexible office options that are offered.
Ajman Free Zone Authority
Situated in the Emirate of Ajman, the Ajman Free Zone benefits from a prime location in the Arabian Gulf, catering to both the eastern and western markets. Sharjah and Dubai, which have four ports and international airports, are also near to AFZ. This location has attracted over 1400 enterprises, providing value-added services to a wide range of industries such as banking, healthcare, and insurance.
Khalifa Industrial Zone (KIZAD)
Khalifa Industrial Zone, Abu Dhabi is referred to as KIZAD. This free zone grants permits for trade, logistics, manufacturing, and service businesses. KIZAD is the perfect location for international investors because of its low expenses, ease of doing business, and simple access to the market. Moreover, KIZAD is connected to one of the world's most advanced deep-sea ports, Khalifa Port. To facilitate trade within the nation, the port is located in both Abu Dhabi and Dubai.
There are currently more than 45 active free zones functioning in several Emirates, each with a distinct offering and area of specialization.
- complete foreign ownership and profit repatriation
- Up to 50 years without corporate income tax (depending on the Free Zone)
- Most commodities are free of import or export taxes.
- streamlined the application and visa procedures for businesses
- top-notch amenities and infrastructure
- Having access to a developing local market
Yes, depending on the Free Zone and the activities involved, there are certain restrictions. But setting up your firm in a free zone will also have many benefits. When it comes to licensing requirements and trade restrictions, it is imperative to speak with authorities.
The Free Zone, the size of the organization, and the selected business activity all affect costs. They usually consist of office space rental, license costs, registration fees, and visa fees.
Free zones provide a range of visa choices, such as investor, dependant, and work visas. For more information, speak with the relevant Free Zone authority.
